As you may know, DBS has just released its results, offering another amazing reward to shareholders. DBS is currently the largest allocation in our portfolio for the local market. Here's a summary of the rewards.
Quarterly Dividend Increase - The dividend has increased by 6 cents to 60 cents per share, implying a potential annual dividend of $2.40.
Future Quarterly Special Dividend - There will be a future quarterly special dividend of 15 cents per share for three years.
Three years indeed a long time, so it's not unfair to say that the annual dividend income could work out to $3 per share. At stock price of $45, this translates to a yield of approximately about 6.7%.
In DBS's latest quarterly report, full-year earnings were approximately $11.4 billion. The sustainable regular dividend ($2.40) accounts for about 60% of earned income.
DBS' book value has shown an increasing trend despite recent bonus shares and strong dividend distributions; theoretically, around 40% could be reflected in book value growth (though how much effectively flows through remains uncertain).
Does this meet a Wonderful Business Model ?
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